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Analysis on Barrriers and Research on Countermeasures in RMB Cross-boarder Settlement

Author: ChenYaFeng
Tutor: JiangXueJun
School: Dongbei University of Finance
Course: Finance
Keywords: RMB cross-border settlement clearing system barriers strategies
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 459
Quote: 1
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Abstract


2007, the global financial crisis caused by the U.S. subprime mortgage crisis has devastated the world’s economy. However, the impact on China is limited due to a lower degree of financial liberalization and China has played as a pillar of strength in the post-crisis reconstruction of the world economic order. Thus, China owned a pivotal position in the international political arena. With the increasing of the right of speak in international economic and political discourse, RMB began to appear frequently in theoretical research and political decision-making. Especially the financial crisis exposed the internal defects of the existing international monetary system and created a favorable external condition for RMB internationalization.In this context, July 1,2009, six relevant departments jointly issued "Cross-border trade in RMB clearing pilot management approach" which symbolized the beginning of cross-border trade in RMB settlement. All of these not only help China’s import and export enterprises to avoid exchange rate risk, save foreign exchange cost, but also help China’s commercial banks continue to strengthen self-construction, improve risk management ability, promote international operations. In addition, it is also our government’s important strategic initiatives of promoting RMB internationalization.The general idea of this paper is finding the existed barriers in RMB cross-border settlement based on the analysis of the status, the necessity and the feasibility of RMB cross-border settlement. Then learning from the internationalization process of U.S. dollar and Yen, propose countermeasures to the barriers of RMB cross-border settlement.First of all, we introduced the concepts of RMB cross-border settlement and reviewed the history and status of the RMB cross-border settlement. Then we analyze the necessity of the RMB cross-border settlement from three aspects:the RMB internationalization strategy, the exchange rate risk of export enterprises and the international operations of commercial banks. Hereafter, we analyze the feasibility of the RMB cross-boarder settlement combined with the history of the RMB cross-border settlement, the related policies and regulations and institutional arrangements.Secondly, this paper highlights the reference of the U.S. dollar and the Yen’ internationalization process on RMB cross-boarder settlement.Again, this paper analyzes the barriers in RMB cross-border settlement from Macro level and Micro level. The macro policies related to foreign exchange, monetary conditions, the RMB international settlement systems, financial market development and financial regulatory system; the micro level contains the BIS service capacity of commercial banks, the risk management capabilities of commercial banks, the domestic conditions of the business and the settlement will of foreign enterprises.Finally, this paper researches the countermeasures in RMB cross-border settlement from three different angles:the Government, the Commercial banks and the settlement enterprises. The government should play an active role in promoting RMB cross-border settlement to provide a good policy environment; the commercial banks should strengthen self-construction and constantly improve the service ability in RMB cross-border settlement; the dominant position of import and export enterprises should be continuously strengthen in RMB cross-border settlement through active innovation and product competitiveness.Compared to other research results, the possible innovations in this paper include:first, introduce the RMB cross-boarder settlement development status and trends with the latest date; second, analyze the barriers in RMB cross-border settlement from Macro and Micro aspects; third, provide solutions from the point of Government, Commercial banks and Settlement enterprises for the RMB cross-boarder settlement.In addition, this paper still have many shortcomings because of my limited capacity:First, the data sources is limited and I can not get all kinds of latest data; Second, this paper only have theoretical discussion, not contain empirical testing, it may be not persuasive enough; third, my knowledge structure is not complete and I have not enough cognitive ability, thus, this paper can not supply a depth analysis and detailed depiction on some aspects of obstacles and countermeasures. All of these will be the key issues of my further studying and exploring.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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